This planned Miracle Mile resi tower is going heavy on the amenities

The family of real estate broker Walter Marks will develop the $400M project, to include a bowling alley, wine tasting and dog-grooming

TRD LOS ANGELES /
May.May 29, 2019 10:00 AM
Walter N. Marks III and a rendering of the project
Walter N. Marks III and a rendering of the project

Eat your heart out DTLA: the Miracle Mile is getting Los Angeles’ latest high-end high-rise.

A 42-story Art Deco-inspired residential tower is being planned for the heart of Miracle Mile district at 5411 Wilshire Boulevard, according the L.A. Times. The project has a $400 million price tag, and will be developed by the family of Wilshire Boulevard real estate developer Walter N. Marks.

As now envisioned, the development would have 371 apartments and a slew of high-end amenities, including a two-lane bowling alley, golf simulator, dog-grooming space, wine-tasting counter, and yoga studio. The top floor would have a private rooftop deck and lounge area. An automated car-parking system is also planned.

The Marks family wants to build the tower at the site of a Staples office supply store about a block from Metro’s under-construction Wilshire/La Brea Purple Line subway station. The subway station is set to open in 2023 and is a key driver of the project.

“There are going to be a lot more people,” Walter N. Marks III told the Times. “Industry follows people, my grandfather used to say.”

The project is eligible for the city’s Transit Oriented Communities program. It allows developers who build near transit hubs to increase the size of the construction if they set aside around 10 percent of units as affordable.

The family has owned the property for around 50 years. They also own the neighboring 1930s-era building, which they want to convert into a restaurant named after the Sontag drug store that once occupied the space.

Not far to the west along Wilshire, developer Jerry Snyder is redeveloping a long-held property. Snyder secured a $117 million construction loan to build out a high-end residential development next to his SAG-AFTRA Plaza, which he constructed in 1982. [LAT]Dennis Lynch 


Related Articles

arrow_forward_ios
Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd

Rockpoint closes on $303M deal for Miracle Mile office tower

Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd

Rockpoint Group buying 5900 Wilshire for $310M: sources

arrow_forward_ios
Loading...